![]() ![]() ![]() President Joe Biden achieved his goal to reach a two-year agreement for the ceiling, though Republicans - who rarely care about the national debt when they hold the Oval Office - had been playing hardball ahead of the deadline. To recap, the debt ceiling is the max amount of outstanding debt the federal government is authorized to borrow to keep the country running, from Defense spending to Social Security and beyond. It is not the cap for what the government spends - in fact, it’s paying back money that’s already been spent. The ceiling was last raised two years ago to a limit of $31.4 trillion, which the government hit in January. Since then, it’s been able to avoid catastrophe by taking “extraordinary measures,” which amount to delaying investments for pensions and other payments. ![]() will avoid a June 5 default (and self-inflicted economic crisis.) On Tuesday, the bill faces its first test in the Republican-controlled House Rules Committee takes a look at it in a meeting scheduled for 3 p.m. If the bill makes it through Congress, the U.S. President Joe Biden speaks to members of the press upon returning to the White House on Sunday.Īfter weeks of unnecessary brinksmanship by Republican leadership in Congress, the White House negotiators and House Speaker Kevin McCarthy reached an agreement to raise the debt ceiling on Saturday. ![]()
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